ROSCA Finance

lending

FOUNDING YEAR: 2016
LOCATION: United States
Last Update: 01/05/2020

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

About

Rosca Finance allows financially excluded individuals to build and rehabilitate their credit through savings communities. Our app allows people to collaborate and help one another save money faster, borrow money cheaper, or earn great returns, while helping them build their credit.

Focus

PRODUCTS & SERVICES

GoChitty is a chit fund which helps to develop credit for users. It has improved the chit fund concept and brought it to the 21st century. It can now build a virtual community so distance is no longer a barrier. It uses credit risk tools to assign risk ratings.

REVENUE MODEL

Service fees based on risk level of community members.

MAIN CLIENTS

Retail consumers

PRIMARY PROBLEM SOLVED

Allowing people who need to rehabilitate or build their credit through saving money instead of borrowing more debt.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

Traction

REVENUE

$0 - $99k

ACTIVE USERS:

1300

ACTIVE USERS COMMENT:

B2C we are growing at a 30% MoM pace. B2B2C we are close to signing a deal with a large organization with over 24 million members and in deep conversations with two other organizations.

People

FOUNDERS

Aamer Shahab

Alfonso Pating

BOARD MEMBERS AND ADVISORS

Yee Lee

NUMBER OF EMPLOYEES

1-10

COMMENT:

Collectively we have over 50 years of experience in the financial industry, consumer finance,,technology.

Momentum

FUNDED

NO

LISTED

NO

For Investors

FUNDING NEEDED:

$600 K

USES OF FUNDS RAISED:

1. Customer Acquisition

2. Product development

EXIT STRATEGY

We hope to be acquired by either a financial institution or Facebook.

MONTHS LEFT WITH CURRENT CASH BURN RATE:

6 months from 16 Nov, 2017

COMPETITORS:

emoneypool

puddle

wetrust

BASICS

FOUNDING YEAR:

2016

LOCATION:

United States

Views:

117 VISITORS | 283 VIEWS
TOTAL EMPLOYEES
1-10

About

Rosca Finance allows financially excluded individuals to build and rehabilitate their credit through savings communities. Our app allows people to collaborate and help one another save money faster, borrow money cheaper, or earn great returns, while helping them build their credit.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

Focus+
Momentum+
Traction+
People+
For Investors+
Other+

Join the exclusive global FinTech community

Be a part of the global FinTech community on Slack

ROSCA Finance

About

Rosca Finance allows financially excluded individuals to build and rehabilitate their credit through savings communities. Our app allows people to collaborate and help one another save money faster, borrow money cheaper, or earn great returns, while helping them build their credit.

Focus

PRODUCTS & SERVICES

Rosca Finance provides a short-term savings and cash management solution that allows individuals to build credit while saving money. We have a patent pending community savings platform that allows people to collaborate and help one another save money more efficiently, resolve their short term cash needs, or get rewarded financially by planning ahead, all the while helping them build their credit.

REVENUE MODEL

Service fees based on risk level of community members.

TOP PROBLEM SOLVED

Allowing people who need to rehabilitate or build their credit through saving money instead of borrowing more debt.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRODUCT DEVELOPMENT COMMENT

We are in the process of developing a white label product for organizations.

KEY DIFFERENTIATORS

We have engineered the traditional Rosca to compensate for default risk, scalability, and time value of money. The team is comprised of highly seasoned executives that are adept at closing out deals with large organizations.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Others

Small And Medium Business - Other

Consumer

PRODUCT ATTRIBUTES

SaaS

White label

Customer facing

People

FOUNDERS

Aamer Shahab

Alfonso Pating

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

CEO, FOUNDER: Aamer Shahab

CTO: Joseph Jones

FOUNDER: Alfonso Pating

TEAM COMMENT:

Collectively we have over 50 years of experience in the financial industry, consumer finance,,technology.

BOARD MEMBERS AND ADVISORS:

Yee Lee

Momentum

FUNDED

NO

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES